The purpose of the Industry Clearing Committee (ICC) is to assist in co-ordinating industry efforts to reach optimal levels of, and address obstacles to, central counterparty clearing and provide recommendations on central clearing central counterparty clearing practices across multiple OTC derivative asset classes.
The ICC has broad participation reflective of the OTC derivatives markets and include sell-side participants, buy-side participants (including hedge funds and asset managers) and CCPs. The ICC will partner with as many trade associations globally or regionally as is necessary for the ICC to perform its function.
The ICC has been formed to meet current and emerging industry needs in respect of clearing. It is recognized that there are some variances between the structure and mode of operation of the ICC versus other ISDA committees/working groups. This is inevitable, given the differing needs and characteristics of clearing.
Aims and Functions
- To be representative of sell-side, buy-side, CCPs and FCMs in order to deliver collaborative solutions.
- To extend the reach of clearing in terms of both (i) eligible product types and (ii) clearing participants. To act as a forum where the industry discusses potential CCP product offerings and specifications with the applicable CCPs.
- To challenge and overcome obstacles to clearing, both direct and indirect, through appropriate means, including utilizing targeted working groups to address specific issues.
- To explore the capital implications of clearing.
- To liaise with supervisors, supra-national governmental agencies and other relevant bodies on clearing matters relating to the OTC derivatives markets.
Structure
There are 3 elements of the ICC’s structure.
The Organisational Group
This is the administrative and coordinating group of the ICC, and is a sub-set of the Plenary Group. The Organisational Group has no decision-making power. [link to list of member firms]
The Plenary Group
The Plenary Group is the decision-making group within the ICC structure that is responsible for making all industry recommendations relating to the ICC’s work. [link to list of member firms]
The Working Groups
These are practical / technical groups formed to deal with specific issues and tasks.
Identified Work Streams
The identified work streams form the basis for the working groups.
Product Introduction
CCP Access
Operations
Margin Arrangements
Legal
Capital Treatment and Risk Management
Interoperability
Latest
ISDA Publishes DC Governance Committee Proposal
ISDA has published a proposal for a new governance committee for the CDS Determinations Committees (DCs), the first in a series of amendments to improve the structure of the DCs and maintain their integrity in changing economic and market conditions....
CDS Governance Committee Public Consultation
ISDA is pleased to present the proposed Charter for the Credit Derivatives Governance Committee and accompanying DC Rule changes to implement. Pursuant to the announcement made in 2024, an ISDA working group formed from ISDA’s Credit Steering Committee has worked...
TD Securities Integrates ISDA Create
ISDA has announced that TD Securities has completed its integration of ISDA Create across its global suite of client trading and regulatory agreements. Powered by CreateiQ and S&P Global Market Intelligence, ISDA Create allows users to digitally transform the trading...
ISDA to Extend DRR to cover MIFID/MIFIR Reporting
ISDA has announced it will extend the ISDA Digital Regulatory Reporting (ISDA DRR) solution to cover reporting requirements under the EU and UK Markets in Financial Instruments Directive (MIFID) and Markets in Financial Instruments Regulation (MIFIR), and is working with...